Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based compensation expense

Stock-based compensation is included under the following expense categories presented in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	1,938	$	440
General and administrative		1,933		187
Total	$	3,871	$	627

Schedule of common stock options outstanding

The Company had the following common stock options outstanding:

	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2025		9,035,498		$	7.79		9.0	$	42,771
Granted		3,228,045			11.19
Exercised		(97,163	)		4.28
Forfeited and cancelled		(102,251	)		8.68
Outstanding as of March 31, 2026		12,064,129		$	8.72		9.2	$	15,908
Exercisable as of March 31, 2026		2,226,329		$	6.26		8.6	$	6,936

Summary of fair value of each option grant estimated throughout year using black-scholes option-pricing model

There were no grants issued during the three months ended March 31, 2025. The fair value of stock options granted during the three months ended March 31, 2026 were estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:

	Three Months Ended March 31, 2026
Expected term, years	5.77 - 6.08
Expected volatility	71.18% - 74.03%
Expected dividends	—
Risk-free interest rate	3.8% - 4.1%

Schedule of Activity under the 2025 Plan with respect to the Company's RSUs

Activity under the 2025 Plan with respect to the Company’s RSUs during the three months ended March 31, 2026 was as follows:

	Number of Shares		Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		—	$	—
Granted		368,470		—
Vested and released		—		—
Forfeited and cancelled		—		—
Unvested and expected to vest at March 31, 2026		368,470	$	10.19